The Current IPO Craze Is Starting to Look a Lot Like 1999

“However, we’d also note that experience tells us that froth in the IPO market tends to be a ‘leading indicator’ for an important top – not an ‘immediate indicator’ of a top. In other words, yesterday’s action in the IPO market probably tells us that we’ll see a meaningful correction at some point over the next six to nine months, not necessarily over the next few days/weeks.”